Emeco leases heavy earth movement vehicles to the mining sector. It is currently selling for less than what I calculate as a conservative liquidation value. Although the industry is in a cyclical downturn, Emeco continues to generate free cash flow and is well within its debt covenants. I think it is worth around book value of A$0.72, compared to its current share price of A$0.22. Under a worst case scenario and the company liquidates I think there is a good chance of investors not losing money.